IPO Watch: Optimism For Menlo Therapeutics

1/24/2018 6:05 PM ET

Biotech company Menlo Therapeutics Inc. has increased the size of its initial public offering and also raised its expected price range.

The company now plans to offer 6.5 million shares priced at $16 to $17. The IPO will raise proceeds of about $107 million at the midpoint of the range. Earlier, the company planned to offer 5.7 million shares at $14 to $16 each.

The company is expected to price its IPO later on Wednesday. The company has applied to list on Nasdaq under the ticker symbol "MNLO."

Jefferies, Piper Jaffray and Guggenheim Securities are the joint bookrunners on the deal.

Menlo is a late stage biopharmaceutical company focused on the development and commercialization of serlopitant for the treatment of pruritus, or itch, associated with dermatologic conditions such as atopic dermatitis, psoriasis and prurigo nodularis.